It must suck for someone on CNBC to be schooled in decades old tax law by Warren Buffett.

I used to devour financial news in hopes I would one day understand all this stuff and become a better investor, maybe even a good investor. However, after just a few years I came to the conclusion that most financial reporting, especially on TV, is just garbage. There are some good, informative reporters out there, and even some excellent ones, but the wheat to chaff ratio is pretty painful.

This whole story is based upon speculation of why the anonymous investor sold his shares. Unless they ask the guy, we'll never know. There could be a million reasons. 1.2 billion reasons, is my guess. But instead of simply saying "we don't know" they came up with this bizarre side story that makes no sense at all. And even worse, they could have picked phone and called any CPA and got it straightened out. Or if the story is really about why the guy sold his shares, they could find out who the guy is and ask him. But that would require reporting. And reporting is hard. Blowing smoke is easy. Like I said, it is so bad it is painful.

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